The Indian market for STEM toys has high potential to unlock as India has the largest population of children and adolescents reaching 25.3% in 2022. STEM toys stand for science, technology, engineering, and mathematics toys. The STEM toys market in India is estimated to grow at a CAGR of 8.5% during 2024-2031, opening doors for existing players to upgrade and new entrants to bring innovative STEM toys into the market. The growing young population, inclusion of tech and science in education, growing disposable income, and urbanization, among others are the key driving factors supporting the market growth in India. This article will uncover the secrets of the Indian STEM toys market for everyone to learn about the potential and opportunities this market possesses-
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Secrets of the Indian STEM Toys Market
- The government of India has supported the production and manufacturing of STEM toys in India through its Production Linked Incentive (PLI) scheme. The Indian Government in August 2023 decided to utilize their $23.70 billion funds for the PLI scheme by investing in toys, leather, and footwear production.
- The growing inclusion of STEM toys for education purposes has also been supporting the market growth. Innovative market players are investing in the creation of toys that support the purpose of education by making it more fun and are collaborating with various schools and education hubs. For instance, in July 2022, ThinkerPlace collaborated with Pune schools to introduce pre-school STEM DIY kits.
- Integration of technology and AI in the creation of STEM toys is supporting the market growth. These smart toys are not only escalating the learning process of a student but also making a child future-ready. For instance, Sphero launched an electronic building block set called LittleBits Code Kit that allows children to create interactive toys and gadgets. The purpose of this STEM toy is to incorporate coding and programming skills in the kid from the beginning of their learning cycle.
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- Market players are raising large funds for the development of STEM toys. For instance, in a series B funding round led by Inventus, PlayShifu raised $17 million for the creation and production of STEM toys in 2021.
- Growing demand for creative and new-age toys is primarily driving the market growth. Many e-commerce players in India have reported a high rise in the sale of STEM toys online. For instance, Flipkart, one of the biggest Indian e-commerce players has reported 150% Year-on-Year (YoY) growth in the sale of STEM toys in 2021.
Even with such high potential and growth opportunities, the Indian STEM toys market is still dominated by a few key market players and these market players are generating major sales and profits in the market. Elenco Electronics, Inc., Hasbro, Inc., LEGO System A/S, Mattel, Melissa & Doug, Smartivity, and Spin Master are some of the major players operating in the Indian STEM toys market. The reason behind the success of these companies in India is bringing innovation and technology to make toys smarter.
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